Current condition of property:
Built by First National Bank as their headquarters building, this structure has been immaculately cared for since first opening. The interior has marble detailing with elaborate bronzed teller areas. The beautiful safe door is visible from its lobby.Project potential:
The bank has no intention of selling it, and would only consider it if they decided to establish a new main office elsewhere. However, the bank's Board has been concerned for many years about the condition of the adjacent property, the Rivertown Hotel, and the nearby Discount Shoes building, and considers them blots on its image.
Market value of this property as is: $560,000
Size of each floor: 60x90 ft.
Current income of the ground floor (no lease)
Current income of the upper floors (no lease)
If the building had a full rehab:
Cost to rehab ground floor ($100/sq.ft.)
Cost to rehab upper floors ($100/sq.ft.)
Potential income of the ground floor ($25/sq.ft./year)
Potential income of the upper floor ($22/sq.ft./year)
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